1. Determine a reliable person or team to be responsible for your assets You may have a lot of things in your business to think about. You can’t control every single element of your business, particularly the management of your assets. Therefore, you should determine a person that you can trust and rely on to…
Major Risks of not using Asset Tracking System in your Organisation. It may be argued that a small size organization may not need an Asset Tracking System as long as they have only a few assets in operation. However, if there is a large volume of assets, the situation is not the same. Without asset…
Most of us have eaten at leading restaurants. Things look so calm and controlled, people are relaxed and enjoying their food and drinks. However, that’s the front face of the restaurant. At the back, workers and chefs are busy preparing food. It’s a beehive of activity there. The kitchen environment can be tense during rush…
Manual asset management and tracking of thousands of assets in a company is expensive, takes lots of time & effort, and still prone to error! Manual asset tracking methods are dis-organized especially when there are a lot of assets. We might know what are the advantages of asset management & how beneficial asset management can be! But what happens when an organization is not equipped with asset management software! As per Wikipedia, “Asset management is a systematic process of developing, operating, maintaining, upgrading, and…
Today asset audit preparation has become a complex process with increased regulations. It is more hectic than before if you are not prepared with the right audit processes and procedures. Asset audit software helps when it comes to the right audit preparation as it includes complete maintenance, accuracy, and up-to-date asset records (from the beginning of the financial year).…
Several organizations do not keep track of work orders, as a result, their productivity suffers. Therefore, work order tracking is very important for organizations to keep their productivity up all the time. For efficient work order management, asset management software can help. It can provide tremendous assistance to the work order supervisors, managers, directors, and decision-makers as well. This…
Asset management activity has grown immensely thanks to the successful asset management technology and the benefits it has brought about for organizations of every size and scale. According to Statista, “The global market for fixed asset management software is forecast to grow from 3 billion U.S. dollars in 2019 to 5.2 billion U.S. dollars in 2024. Fixed asset management software is used to streamline maintenance processes,…
Most of the organizations do not take depreciation tracking seriously as a result their bookkeeping is not accurate. Moreover, it also impacts in tax reporting. When you try to maintain a perfect record for depreciation tracking of assets manually, you will not be able to do so because an organization is equipped with a lot…
Fixed asset management is one of the most beneficial activities for the business. You may ask, how? If asset management is done in the right way then you will notice great savings in your expenses. Especially growing companies, when the business is growing, they struggle in keeping track of capital asset deprecation. Not just that, if they…
Big businesses need to operate and maintain a huge quantum of assets to continue their activity, whether these are IT assets, plant equipment, machines, or regular consumables/inventories. Assets are thus required to run the business. The real issue is when it comes to growing the business. The answer is actionable data, intelligent information, and analytical…
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